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Ben spends $20 a year on 2 bunches of flowers and $50 a year on 10,000 gallons of tap water. His marginal utility from flowers is 2 units and his marginal utility from water is 0.5 units per gallon.
Are flowers or water more valuable to Ben? Why? Explain Provide a detailed explanation how Ben's expenditure on flowers and water illustrates the diamond-water paradox
Producer and consumer surpluses are measures of:
Assume the value of a statistical life is $85,000,000 and that workers in more dangerous jobs are exposed to an additional 1/105 risk of death. How much more should the workers in the more dangerous jobs be paid (compared to the other workers)?
What ratio is used to value a firm using the comparables method?
What are Chebani's marketing challenges in the short run? In the long run?
What is (define) Aggregate Demand? How does aggregate demand affect the Macro-economy?
Using the specific-factors model, elucidate why you might expect to see certain capital owners and labor groups arguing against expanding trade in a capital-abundant country.
Discuss why the “Friedman effect” regarding the effect of changes in Fed policy on interest rates in the short-run versus the long-run, should apply only to interest rates on short-term securities. How should an increase in the growth rate of the mon..
How does an increase in the currency-deposit ratio affect the money multiplier? What is the effect of an increase in the reserve-deposit ratio? Explain the direction of changes in both cases in terms of bank balance sheets and the ability of banks to..
In an attempt to increase revenues and profits, a firm is considering a 4 percent increase in price and an 11 percent increase in advertising. If the price elasticity of demand is -1.5 and the advertising elasticity of demand is +0.6, would expect an..
Suppose a linear demand function is estimated for good x as, Qd = 100 – 4*Px + 6*Py + M. where Px = $4, Py = $2, and M =10. M is the average income of consumers, measured in thousands of dollars. Suppose the end of the recession has increased the ave..
A firm faces the demand function Qd = 60− (½)P and the cost function C = 11Q2 +5. What is the optimal quantity that a price-taking (and profit maximizing) firm should supply? What is the profit when quantity produced is optimal? Construct a graph sho..
What type of unemployment is protrayed in the song The River by Bruce Springsteen. Is it Cyclical because at the time construction workers were being layed off or not able to get work because of homes not being built at the time as no one was buying ..
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